| Variables | ROA [t + 1, t + 36] | Loan ratio [t + 1, t + 36] | Capital ratio [t + 1, t + 36] | Deposit ratio [t + 1, t + 36] |
| Frequency of merger | −0.003***(0.001) | 0.042***(0.002) | −0.007(0.273) | 3.171***(0.0001) |
| Domestic merger | −0.003***(0.004) | 0.033**(0.018) | −0.084***(0.0001) | 5.113***(0.0001) |
| Transaction Value | 0.00(0.247) | −0.019***(0.0001) | 0.004***(0.0001) | −0.862***(0.0001) |
| Relative ratio | 0.00(0.115) | 0.00(0.718) | 0.00(0.551) | −0.002**(0.021) |
| Downturn | −0.002(0.114) | −0.038**(0.039) | 0.02**(0.021) | −0.174(0.769) |
| Dummy | −0.001(0.6) | 0.089***(0.0001) | −0.02*(0.077) | −0.815(0.307) |
| Intercept | 0.008***(0.0001) | 0.662***(0.0001) | 0.157***(0.0001) | 6.862***(0.0001) |
| Observations | 355 | 355 | 355 | 355 |
| Adj R-Square | 0.127 | 0.263 | 0.53 | 0.649 |